Industrials

SK Holdings invests in US-based car-sharing company Turo

[THE INVESTOR] SK Holdings has invested in San Francisco-based car-sharing company Turo, the company said on Sept. 7.

One of the largest car-sharing companies in Silicon Valley, Turo provides peer-to-peer car rental services in around 5,000 areas in the US, the UK and Canada.

SK Holdings and German carmaker Daimler led Turo’s latest fundraising round worth a total of $92 million, according to the company.

However, details on the terms and shares of the investment were not disclosed.

With the investment, SK Holdings aims to seek new business opportunities in the global sharing economy down the road.

Meanwhile, Turo plans to expand its business in the European and Asian markets with the latest funds raised, the company said. As a part of the deal, Turo will also acquire Daimler’s Croove to expand its presence in Europe.